Core Viewpoint - Anno Yuda Gene Technology (Beijing) Co., Ltd. has submitted its IPO application but faces significant challenges, including continuous losses, a shrinking R&D budget, and a departure of its founding team [1][2][3]. Financial Performance - Anno Yuda has not achieved profitability since its establishment in 2012, with projected revenues of 435 million, 475 million, 518 million, and 269 million yuan for 2022, 2023, 2024, and the first half of 2025, respectively, reflecting a stable growth rate of around 10% [2]. - The company's net losses for the same periods are 117 million, 223 million, 136 million, and 30 million yuan, indicating persistent financial struggles [2]. - The adjusted net losses from 2022 to 2024 total approximately 94.46 million yuan, highlighting weak profitability in its core business [2]. R&D and Market Strategy - R&D expenditures dropped significantly from 73.7 million yuan in 2022 to 26.6 million yuan in 2024, a decline of 64%, while sales and distribution expenses surged by 84% [3]. - Anno Yuda holds a 12.1% market share in China's NIPT market, ranking third, but lags behind industry leader BGI with a 50.5% share [3][4]. - The company relies heavily on clinical sequencing solutions, which contributed 57.8%, 56.9%, and 63.6% of total revenue from 2022 to 2024 [4]. Product Development and Competition - Anno Yuda's product portfolio is limited, with only three Class III IVD products and two Class II bioinformatics analysis software approved, while 12 IVD products are in development [4]. - The company’s focus on a single product structure poses growth limitations, especially compared to competitors like BGI and Berry Genomics, which have diversified product lines [4]. Management Changes and Valuation - The departure of key founding members raises concerns about future product development, as they were instrumental in the R&D of core products [7]. - Anno Yuda's valuation reached 4.049 billion yuan in its last financing round, but its estimated market value post-IPO is projected to be between 1 billion and 1.4 billion yuan, significantly lower than its pre-IPO valuation [8].